HSBC Holdings Ltd has experienced the largest growth since April after announcing a $2.5 billion USD dividend repurchase scheme in partnership with Brazil whilst retaining its shares at the current level for the time being.
Stocks held in Hong Kong added 1.56% to HK $51.60, while those in London jumped 4.5% at the market open this month.
HSBC Holdings Ltd posted a 28% dip in its half-year net profit to almost US $7 billion, weaker than market expectations, as lower client transaction volumes slowed global business revenues. Profit dropped 11% to just under US $30 billion stated an official spokesperson for the bank.
The bank announced it had gained approval to use US $2.5 billion, or nearly half the proceeds towards the Brazil sale, in order to buy back shares in the second and third quarter, as a smaller business scale should be financed by a smaller percentage of outstanding shares to the bank.